spending in Alibaba's home market. This led its Tmall platform's online physical goods gross merchandise volume , excluding unpaid orders, to grow just 10% YoY in its most recent quarter — down from 24% YoY in the quarter before — as falling sales in categories like apparel and home furnishings offset gains in segments such as necessities and household goods.
Alibaba reported that it saw increasing adoption and engagement from merchants, likely because their abilities to sell in-store were restricted. The company that brick-and-mortar merchants are increasingly selling online, and sellers that already operate online are building out their e-commerce operations. These merchants may have flocked to Alibaba to boost their sales while their stores were unable to operate during lockdowns, bolstering Alibaba's product selection.
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